UPDATE: Piper Jaffray Starts Charles Schwab Corp. (SCHW) at Overweight

Piper Jaffray initiated coverage on Charles Schwab Corp. (NYSE: SCHW) with an Overweight rating and a price target of $39.00.

Analyst Jason Weyeneth commented, "While current levels factor in a portion of the benefit from higher rates, we believe that a combination of strong underlying fundamentals and sizable bulk transfers from money market funds into bank sweep accounts can drive material EPS growth over the coming years, in addition to the significant earnings leverage from higher rates. Our price target is $39."

For an analyst ratings summary and ratings history on Charles Schwab Corp. click here. For more ratings news on Charles Schwab Corp. click here.

Shares of Charles Schwab Corp. closed at $31.44 yesterday.

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